Important decision made during PM Modi's visit to the US: India would remove the countercustoms duty on 8 American items

 

Important decision made during PM Modi's visit to the US: India would remove the countercustoms duty on 8 American items

India will drop additional retaliatory customs taxes on 8 American products, including grains, pulses, and apples. The US raised duties on some steel and aluminium imports from India in 2019, therefore these levies were implemented in response. In 90 days, these tariffs will expire. Additional taxes on gramme, pulses, almonds, walnuts, apples, boric acid, and diagnostic tools would be eliminated by India.

In Delhi. Eight American products, including grains, pulses, and apples, will no longer be subject to further retaliatory customs taxes, the Indian government has ruled. which were put in place in 2019 in response to a US decision to raise duties on select steel and aluminium products. According to government sources, the two nations reached an agreement to resolve six WTO issues and remove these retaliatory tariffs on a number of American items during Prime Minister Narendra Modi's recent state visit to the US. decided. On the grounds of national security, the US levied import taxes of 25% on steel items and 10% on some aluminium products in 2018. In retaliation, India in June 2019 levied customs fees on 28 American goods.

A source with knowledge of the entire event, according to a story in "Times of India," claimed that after India issued a notification cancelling the additional charges, the duties on these eight products with US origin are now subject to the current Most Favoured Nation (MFN) regime. rate will increase. In 90 days, these tariffs will expire. According to the deal, India will receive gramme (10%), pulses (20%), fresh or dried almonds (7 rupees per kg), shelled almonds (20 rupees per kg), walnuts (20%), fresh apples (20%), boric acid (20%), and diagnostic tools (20%).

America is India's top trading partner, which is significant. The two nations' commerce climbed to US$128.8 billion in 2022–2023 from US$119.5 billion the previous year. India has declared that it is lifting the counter-tariff, which has prevented more than 1,400 apple growers in Washington's from selling their products in India. Democratic Party MP Cantwell made this statement. Our growers will now once more have access to this US$120 million market. The second-largest market for American apple exports was India.